Programme Agenda

Thursday 10th September 2009

8:30  Coffee

9:00  Chair’s Opening Remarks

Christopher Mallon, Partner, Co-head Corporate Restructuring Europe, Skadden Arps Slate Meagher & Flom (UK) LLP

9:15  Restructuring and Turnaround: Financial and Operational

Alain Le Berre, Managing Director, Huron Consulting Group

  • Financial restructuring
    • excessive leverage v. liquidity problem
    • asset-side work-outs
    • liability-side work-outs
    • debt refinancing / restructuring
    • debt-equity swaps
    • new money requirements
    • review of the mistakes of the recent past: refinancings/covenant waivers
  • Operational restructuring
    • what are the common pitfalls and key problems?
    • restructuring the business strategy
    • restructuring the business execution (management) – replace or reinforce existing management?
    • shareholding structure / ownership issues
    • how do you fix a revenues-driven problem?
    • how do you fix a gross margin-driven problem?
    • how do you go about costs cutting ?
    • resource allocation issues

10:45         Morning Refreshments

11:00         The Latest Case Law in Insolvency and Restructuring Litigation

Simon Mortimore QC, 3 – 4 South Square, Gray’s Inn

Tom Smith, Barrister, 3 – 4 South Square, Gray’s Inn

  • Litigation arising from
    • the collapse of Lehman, including RAB Capital v Lehman [2008] BCC 915; Four Private Investment Funds v Lomas [2009] 1 BCLC 161
    • Icelandic banks collapse, including Re Kaupthing Singer and Friedlander [2009] EWHC 740 (Ch); Jefferies International v Landsbanki  [2009] EWHC 894 (Comm)
    • Madoff fraud, including Re Bernard L Madoff Inv Secs [2009] EWHC 442 (Ch)
  • The effect of the insolvency moratorium, including Sunberry Property v Innovate Logistics  [2009] 1 BCLC 145; Elektrim v Vivendi [2008] 2 Lloyd’s Rep 636
  • Cross-border insolvency issues
    • Winding up a foreign company to pursue a claim in England: Re OJSC Ank Yugraneft [2009] 1 BCLC 298
    • Cross-border cooperation: the HL decision in HIH [2008] 1 WLR 852; Nortel Networks [2009] EWHC 206 (Ch)
  • Identifying creditors’ rights on insolvency
    • Construction issues in the SIV cases, including Cheyne [2008] 1 BCLC 732, 741; Whistlejacket [2008] 2 BCLC 683; Golden Key (CA decision awaited); Sigma Finance (on appeal to the HL)
    • Proprietary claims, including Cooper v PRG Powerhouse [2008] BCC 588; BA Peters [2008] EWCA (Civ) 1604; Global Trader Europe [2009] EWHC 602 (Ch)
    • Prescribed part: Hydroserve [2008] BCC 175; Permacelle Finesse [2008] BCC 208; Airbase UK [2008] BCLC 437; Courts [2008] BCC 917; International Sections [2009] EWHC 137
  • Disputes about officeholders including Coyne v DRC Distribution [2008] BCC 612; Parmalat Capital Finance v Food Holdings [2009] 1 BCLC 274
  • Recovering property and pursuing claims
    • Liquidator bound by prohibition on assignment: Ruttle Plant v SSERA [2008] 2 BCLC 345
    • Officeholder not normally liable for costs of unsuccessful proceedings by company: Dolphin Quays v Mills [2008] 2 BCLC 774
    • Property disposed of under antecedent transactions: Cityspan [2008] BCC 60 (preference)
    • Breach of duty claims: Green v Walking [2008] 2 BCLC 332; Lexi Holdings v Luqman [2009] EWCA Civ 117
  • Dealing with creditors who dispute restructuring plans
    • binding majority approval
    • submitting evidence in support of or against plan
    • the successful JJB CVA compared with Prudential Assurance v PRG Powerhouse  [2008] 1 BCLC 289

12:30         Networking Lunch

2:00     Distressed Turnaround as an Alternative to Insolvency Proceedings

Douglas MacDonald, Senior Partner, The MacDonald Partnership

 

  • How can your client organisations engage investors to buy their distressed debt as an alternative turnaround tool?
    • effectively and transparently valuing distressed debt in an insolvent company
    • ensuring due diligence is performed when advising on the purchase/sale of distressed debt
    • transforming distressed debt into an attractive investment
  • Where will the next flow of investment to come from??
  • A real-life distressed investment case study
    • type and profile of company
    • problems leading to distressed position
    • solutions applied, how and why
    • results
  • Advising clients on pitfalls to avoid when selling distressed assets
  • Why distressed investments are so important for future global recovery and growth

3:30  Afternoon Refreshments

3:45  Commercial Realities: What has Changed Since Last Year and How Will it Affect the Future?

Andrew Speirs, Managing Director, Hawkpoint

  • Update on the corporate market
    • what has changed since last year?
    • what packages are now on the market?
    • what is happening with banks?
  • New role of government in restructuring and work outs of insolvent corporations
  • Capital market issues and insolvency
    • hedging: are hedge costs covered by the security package?
  • Assessing the Lehman’s fiasco and other similar examples

4.45  Closing Remarks of the Chair and Summer School Ends